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Economy |
Inflation costing Americans an extra $460 per month, analysis says |
2022-06-12 |
[NYPOST] White-hot inflation has forced the average American household to cough up an extra $460 per month, as surging prices for food and fuel put family budgets across the nation under strain. Moody’s Analytics senior economist Ryan Sweet calculated the figure based on data released Friday by the Bureau of Labor Statistics that showed the Consumer Price Index had jumped 8.6% in the 12-month period ending May 31 — the largest increase since December 1981. Sweet compared average US household spending in May to what would have been spent in 2018 and 2019, when annual inflation averaged 2.1%. "Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the average household $346.67 per month to purchase the same basket of goods and services as they did last year," Sweet told The Post. "However, Switzerland makes more than cheese... the pure cost for households for having inflation running at 8.5% is $460.42 per month." Soaring inflation has some economic experts worried a recession is coming, as President Joe Biden ![]() and the Federal Reserve face pressure to enact policies to slow down the increase. |
Posted by:Fred |
#2 Inflation is just another tax. You can either reduce the value of people's income by direct taxation or you can reduce it by printing (or whatever the digital means are employed today) more currency without backing. If you raise taxes directly, the voters know exactly who to blame. Do it by debasing the currency, the pols can try to blame 'others'. |
Posted by: Procopius2k 2022-06-12 07:08 |
#1 The average SSA retiree collects $1,553.68 +/-per month (2021). With inflation said to be costing at $460 (29.60%) a month vs the official 8.5% ($132.06). Either way, it shows the LSD's hosed the handling of the economy during the pandemic. The result was their wild "social agenda" spending for this and that, took $$$$$ out of retiree pockets. |
Posted by: NN2N1 2022-06-12 07:01 |